Realty Connect | Erik Laine - 6 TAX Fact Home Sellers Should Know

Realty Connect |Erik Laine is a Plymouth, MN base professional Broker and Owner of "Realty Connect" specializes in providing tips for building new home, real estate.

1. If you've owned and lived in your home for two

of the five years prior to selling it, you can

generally exclude up to $250,000 of the gain

from your income ($500,00o on a joint return,

in most cases).

2. You are not eligible for this exclusion if you

sold another principal residence within the

past two years and excluded the allowable gain

from your income.

3. If you can exclude ALL of the gain from the sale

of your primary residence, you don't need to

report the sale on your tax return.

4. If you have a gain on your principal residence

that exceeds the allowable deduction, it is

taxable.

5. You can't deduct a loss from the sale of your

primary residence.

6. Special rules may apply when you sell a home

for which you've received the first-time home

buyer credit. (See IRS publication 523, "Selling

Your Home," for details.